Karuna Therapeutics gains after upsized $750 mln equity raise

Karuna Therapeutics

10/08/2022 16:22

** Shares of Karuna Therapeutics Inc  KRTX.O  up 8.9% at
$248.69 after co raises more equity than targeted
    ** Co late Tues sold ~3.5 mln shares at $215 for $750 mln
gross raise  urn:newsml:reuters.com:*:nBw5zBNjka
    ** KRTX shares on Mon surged 72% to $241.19 after co said
its schizophrenia drug met main goal in late-stage trial, and
its plans to submit application to FDA for approval in mid-2023
 urn:newsml:reuters.com:*:nBw8YhpY8a
    ** After the close Mon, co launched $600 mln stock offering
with Goldman, JP Morgan and Jefferies as bookrunners
    ** KRTX has ~30 mln shares outstanding and ~27.8 mln of free
float, per Refinitiv
    ** Wall Street overwhelmingly bullish with avg rating of
"strong buy" among 17 analysts, per Refinitiv; median PT of $263
up from $178 a month ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))